Economics

Learning economics prepares students to make more informed choices as citizens of their country and the world through understanding how the world's scarce resources can be used to satisfy human needs and desires. The Economics program at Mills offers courses in the theoretical foundations of decisions faced by individuals in the labor market, by business firms in maximizing profits, by governments in choosing and financing public programs, and by nations in improving their standards of living.

The economics major prepares students for a wide range of careers, as well as graduate study in law, economics, business, or public policy. The major develops analytic skills applicable in many different settings and helps students develop mathematical, written, and oral communication skills.

The San Francisco Bay Area offers a wide variety of internships that enhance the academic program.

Concentrations

Students majoring in economics have the option to pursue concentrations in data analysis, environmental sustainability, finance, international markets and policy, social issues, and strategy.

Program Goals:

Use economic terminology appropriately and correctly

Be able to identify and compare a range of economic theories and concepts

Major

Minor

Accelerated Degree Program

An introduction to economic theory and its application to contemporary economic problems.
Transfer students who have taken an introductory microeconomics or macroeconomics course may be able to enroll in this course for 2 credits, and should contact the instructor or Economics Department chair for details. All others should enroll for 4 credits.

Students will learn how economics researchers and analysts sometimes give currently-existing words a specific meaning for the purposes of constructing an economic argument.

Public Policy Program Goals

Place policy analysis in context: understand the multi-dimensional nature of social issues and problems, and appreciate both the appropriate application and limitation of skills developed in the core, by developing basic familiarity with the following areas of knowledge:(a) human organization and the cognitive capacities people bring to decision-making in these settings(b) the historical evolution of major public problems and social practices in the U.S.(c) comparative or international governmental institutions and social processes(d) economic systems, complex resource interdependencies, and trade relationships. (Introduced)

Students are able to define or identify definitions of economic terms.

Students are able to use economic terminology appropriately and correctly.

Public Policy Program Goals

Place policy analysis in context: understand the multi-dimensional nature of social issues and problems, and appreciate both the appropriate application and limitation of skills developed in the core, by developing basic familiarity with the following areas of knowledge:(a) human organization and the cognitive capacities people bring to decision-making in these settings(b) the historical evolution of major public problems and social practices in the U.S.(c) comparative or international governmental institutions and social processes(d) economic systems, complex resource interdependencies, and trade relationships. (Introduced)

Problem is suitable to techniques of policy analysis.

Analysis and recommendations take into account multiple perspectives as relevant (including but not limited to differences by race, gender, class, etc.).

Students are able to refer to a range of economic theories and concepts.

Analysis and recommendations take into account multiple perspectives as relevant (including but not limited to differences by race, gender, class, etc.).

Students will engage in an exploration of the relationship between past systems of knowledge and present scholarly and creative approaches within and across disciplines. (Introduced)

Students will learn about the origins and historical evolution of important economic concepts.

Students will consider how our understanding of significant questions and ideas is informed by the critical, scholarly, and creative approaches through which we approach those questions and ideas. (Introduced)

Students will develop discernment, facility and ethical responsibility in using information. (Introduced)

Students will identify appropriate models to apply to various problems, and demonstrate how the conclusions of the analysis differ based on different assumptions.

Students will engage as active participants in the College's intellectual community. (Introduced)

Students will have the opportunity to discuss issues, attend panel discussions, listen to guest lecturers, and conduct analyses both inside and outside of class.

Quantitative Literacy

Interpretation: Students will have the ability to explain information presented in mathematical and computational forms. (Introduced)

Interpretation: Students will have the ability to explain information presented in mathematical and computational forms. (Introduced)

Interpretation: Students will have the ability to explain information presented in mathematical and computational forms. (Introduced)

Representation: Students will be able to convert information into mathematical and computational forms analytically and/or using computational tools. (Introduced)

Representation: Students will be able to convert information into mathematical and computational forms analytically and/or using computational tools. (Introduced)

Representation: Students will be able to convert information into mathematical and computational forms analytically and/or using computational tools. (Introduced)

Analysis: Students will be able to draw appropriate conclusions using mathematical or computational reasoning and understand the limits of such conclusions and the assumptions on which they are based. (Introduced)

Analysis: Students will be able to draw appropriate conclusions from the analytical or computational analysis of data and understand of the limits of such analysis and the assumptions on which it is based. (Introduced)

Communication: Students will be able to communicate quantitative ideas in the languages of mathematics, computer science, or quantitative social sciences and will be able to utilize quantitative information in support of an argument. (Introduced)

Communication: Students will be able to communicate quantitative ideas in the languages of mathematics, computer science, or quantitative social sciences and will be able to utilize quantitative information in support of an argument. (Introduced)

Communication: Students will be able to communicate quantitative ideas in the languages of mathematics, computer science, or quantitative social sciences and will be able to utilize quantitative information in support of an argument. (Introduced)

General Education Goals:

Human Institutions & Behavior

Understand a model of human behavior, how it departs from the models of related disciplines, and what phenomena it is useful for explaining (Introduced)

Students will identify appropriate models to apply to issues of consumer, business, and government decision-making.

Have a command of the basic concepts from one of the disciplines (Introduced, Practiced)

Students will define basic economic terms and apply basic economic models to issues of consumer, business, and government decision-making.

Apply basic findings from one of the disciplines (Introduced)

Students will identify appropriate models to apply to various problems, and demonstrate how the conclusions of the analysis differ based on different assumptions.

Quan. & Comp. Reasoning

Translate problems into the language of mathematics and computer science, and solve them by using mathematical and computational methods and tools (Introduced)

Students will identify appropriate mathematical or graphical models to apply to various economic problems, and will use them to solve those problems by using mathematical and computational methods and tools.

Understand the algebraic and graphical properties of important mathematical functions and use these functions in concrete applications (Introduced)

Students will apply graphs and linear functions to various economic problems.

Students will develop quantitative and analytical skills in data analysis, economics, marketing, accounting, and finance that enable them to lead change and expand post-graduation employment opportunities. (Introduced, Practiced, Mastered)

Students can apply quantitative skills appropriately to a business setting.

Economics Program Goals

Organize and present material in a systematic framework. (Introduced, Practiced)

Students are able to compile information, in an organized fashion, all the information collected for a particular business economics problem.

Students are able to prepare and present a report on an economics problem.

Business Administration Program Goals

Students will develop quantitative and analytical skills in data analysis, economics, marketing, accounting, and finance that enable them to lead change and expand post-graduation employment opportunities. (Introduced, Practiced, Mastered)

Students can solve problems correctly using appropriate analytical and quantitative tools.

Core Goals:

Quantitative Literacy

Interpretation: Students will have the ability to explain information presented in mathematical and computational forms. (Introduced)

Analysis: Students will be able to draw appropriate conclusions using mathematical or computational reasoning and understand the limits of such conclusions and the assumptions on which they are based. (Introduced, Practiced)

Communication: Students will be able to communicate quantitative ideas in the languages of mathematics, computer science, or quantitative social sciences and will be able to utilize quantitative information in support of an argument. (Introduced)

A comprehensive introduction to advanced principles of microeconomics, including consumer and firm behavior. Conceptual emphasis is on price-directed markets and resource allocation, with additional treatment of welfare economics and government regulation.

Students will develop an appreciation for the impacts -- both positive and negative -- that business and private-sector organizations have on society, and the social and cultural contexts in which businesses function. (Introduced, Practiced)

Students appropriately analyze the impacts of a particular business on its community, society, and culture.

Students are able to establish the correct connections between economic literature and an economic problem.

Students will learn about the origins and historical evolution of important economic concepts.

Students are able to identify the appropriate resouces for a given economics problem.

Business Administration Program Goals

Students will develop quantitative and analytical skills in data analysis, economics, marketing, accounting, and finance that enable them to lead change and expand post-graduation employment opportunities. (Introduced, Practiced)

Students can apply quantitative skills appropriately to a business setting.

Students can solve problems correctly using appropriate analytical and quantitative tools.

ECON 101: Macroeconomic Theory (3 Credits)

Theory of income and employment; role of the monetary system; history of business fluctuations; analysis of the &quot;cycle&quot;; and fiscal, monetary, and direct measures for mitigating fluctuations.

Students will learn about the origins and historical evolution of important economic concepts.

ECON 110: Dollars and Sense (3 Credits)

This course is designed to let Mills students acquire the knowledge, tools, and confidence necessary to become financially independent. Topics will include an overview of the financial system and the role of money; credit and debt. Budgeting, accounting, and planning will be discussed as well the factors to consider when making large purchasing decisions. In addition, students will be given an overview of common financial investments. For each topic the legal and ethical considerations will be discussed as well as the impact of the economy and government policies.

ECON 113: Money and Financial Institutions (3 Credits)

An introduction to the study of financial institutions. The American banking system as an industry and its relationship to the behavior of the economy is the primary subject. Other financial institutions, such as savings and loan firms, credit unions, savings banks, and financial markets in common stocks, bonds, and commodities are also examined.

An introduction to financial and investment decision making within corporations. The course has a broad scope, as it develops techniques that can be used to analyze various problems involving time, uncertainty, and the financial management of organizations. Topics to be covered include asset valuation, the relationship between risk and rate of return, the evaluation of investment projects, the effects of debt financing on stock values, and the analysis of options. Ideas from behavioral finance will be integrated where appropriate.

Students will develop an appreciation for the impacts -- both positive and negative -- that business and private-sector organizations have on society, and the social and cultural contexts in which businesses function. (Introduced, Practiced)

Students appropriately analyze the impacts of a particular business on its community, society, and culture.

Students will develop critical thinking skills to analyze issues, weigh alternatives, make recommendations, and support those recommendations with persuasive evidence. (Introduced)

Students' case analysis includes a recommended course of action and provides persuasive evidence to support the recommendation.

Students' case analysis considers the pros and cons of possible courses of action.

Students will develop quantitative and analytical skills in data analysis, economics, marketing, accounting, and finance that enable them to lead change and expand post-graduation employment opportunities. (Introduced, Practiced)

Students can apply quantitative skills appropriately to a business setting.

Students can solve problems correctly using appropriate analytical and quantitative tools.

ECON 117: Women and the Economy (3 Credits)

This course examines the impact of changing economic conditions on the nature of women's work and the effect of women's work patterns on the economy. Because women work in both paid and unpaid positions, the class addresses an array of issues including family, volunteerism, labor force participation, education and training, occupations, discrimination, poverty, and child care.

This course will examine the nature, causes, and effects of inequality and poverty in the United States, with a special focus on remedial public policies. Some of the issues covered include race and gender discrimination, different ways of measuring poverty and inequality, and cross-national comparisons of poverty and inequality.

ECON 134: Public Sector Economics: The Economics of Government (4 Credits)

Public Sector Economics explores how government can protect our collective well-being when markets fail. It examines market failures and explores policies to address the problems they cause, like pollution, congestion, poverty, inequality, and the underprovision of public goods such as public safety and scientific research. It examines who really bears the burden of taxes, and analyzes government programs like welfare, food stamps, Medicare, and Social Security. It specifically addresses issues of fairness.

Place policy analysis in context: understand the multi-dimensional nature of social issues and problems, and appreciate both the appropriate application and limitation of skills developed in the core, by developing basic familiarity with the following areas of knowledge:(a) human organization and the cognitive capacities people bring to decision-making in these settings(b) the historical evolution of major public problems and social practices in the U.S.(c) comparative or international governmental institutions and social processes(d) economic systems, complex resource interdependencies, and trade relationships. (Introduced, Practiced)

Students will write papers, and answer exam questions that illustrate their grasp of economic systems and decision-making, as a context for policy analysis.

Ability to communicate with clarity, conciseness, and coherence in both written and oral reports. The student will be sensitive to the needs of different audiences. (Practiced)

Students will make presentations and write papers to demonstrate that they can communicate clearly and concisely.

ECON 136: Managerial Economics (3-4 Credits)

This course develops methods for solving business and administrative problems. The course provides a link between economic theory and practice by showing—through examples, case studies, and discussion—how economic analysis can be usefully applied to managerial decision making. The topics to be covered include risk analysis, econometric studies of demand, costs and productivity, the design of optimal pricing schemes, strategic thinking, and auctions.

Students will develop an appreciation for the impacts -- both positive and negative -- that business and private-sector organizations have on society, and the social and cultural contexts in which businesses function. (Practiced)

Students appropriately analyze the impacts of a particular business on its community, society, and culture.

Students will learn about the origins and historical evolution of important economic concepts.

Organize and present material in a systematic framework. (Practiced, Mastered)

Students are able to compile information, in an organized fashion, all the information collected for a particular business economics problem.

Students are able to prepare and present a report describing business economics problems and potential solutions

Students will be able to offer compelling reasons for their choice of research strategy and their inferences leading to conclusions.

Business Administration Program Goals

Students will develop quantitative and analytical skills in data analysis, economics, marketing, accounting, and finance that enable them to lead change and expand post-graduation employment opportunities. (Practiced, Mastered)

Students can apply quantitative skills appropriately to a business setting.

Students can solve problems correctly using appropriate analytical and quantitative tools.

ECON 139: Urban Economics (3 Credits)

Urban Economics uses economic analysis to explore why and where cities develop, and how they grow. It also examines important issues cities face, including land use, transportation, education, housing, funding, crime, concentrated poverty, and segregation.

Urban Economics uses economic analysis to explore why, where and how cities form, grow, and affect economic outcomes and social well-being. It also examines the challenges cities face, including housing and homelessness, segregation and concentrated poverty, urban education, crime and safety, equity in access to services and public space, land use (including urban agriculture), environmental impacts, transportation, funding, industry clusters and commerce. Off-campus exploration and interactions with experts add concreteness and practical reality to what is learned from theory and analysis.

This is a revision that adds something additional to the course, so whatever appeared previously should reappear here.

Have a command of the basic concepts from one of the disciplines (Practiced)

This is a revision that adds something additional to the course, so whatever appeared previously should reappear here.

Apply basic findings from one of the disciplines (Practiced)

This is a revision that adds something additional to the course, so whatever appeared previously should reappear here.

Quan. & Comp. Reasoning

Translate problems into the language of mathematics and computer science, and solve them by using mathematical and computational methods and tools (Practiced)

This is a revision that adds something additional to the course, so whatever appeared previously should reappear here.

Understand the structure and development of logical arguments (Practiced)

This is a revision that adds something additional to the course, so whatever appeared previously should reappear here.

ECON 141: Economics of Education (3-4 Credits)

This course applies economic theories to education policy issues and examines the results of empirical studies. What are the economic benefits of education to the individual and to society? How does education get financed in California, in the U.S., and around the world? How can we make our education systems run more effectively? How do educational policies affect inequalities in society? Topics will include school choice programs, the labor market for teachers, and class size.

This course applies game theory and behavioral economics toward understanding strategic decision-making. A major theme of the course is that game theory describes how people should behave in order to achieve certain objectives, while behavioral economics highlights many ways in which actual behavior deviates from what is individually optimal—primarily because of cognitive limitations and perceptual biases. By investigating these two fields of study, the course provides fundamental insights into human motivation and interaction in markets, politics, and everyday life.

The application of economic analysis to problems of resource depletion and environmental pollution. Fundamental questions will be addressed. Does economic growth imply environmental destruction? What are optimal levels of pollution control and energy conservation? What policy options exist for achieving these goals? Should the government sell permits to pollute, tax polluters, or impose direct legal restrictions on the quantities of pollutants? What are effects of market structure and uncertainty on the rate of resource depletion?

A comprehensive introduction to the theory and institutions of international economic relations. Both classical and modern trade theories will be covered, and discussion will focus on current issues of U.S. trade and the world economy.

A comprehensive introduction to international financial markets and international financial strategy for multinational business. Foreign exchange and international capital markets are discussed in detail, as well as practical issues such as financing international trade, international investment, joint ventures, and foreign currency management.

This course deals with the less-developed countries, home to more than two-thirds of the world's population. The first half of the semester examines theories of development and growth, and the second half examines practical development experience around the world. The latter issues include agricultural sufficiency and modernization, industrialization, employment, income distribution, project evaluation, national economic planning, and developing countries in a globalizing economy.

Students will learn about the origins and historical evolution of important economic concepts.

Students are able to establish the correct connections between economic literature and a current business economics problem.

Students are able to identify the appropriate resources for making business economics decisions.

Organize and present material in a systematic framework. (Practiced)

Students are able to compile information, in an organized fashion, all the information collected for a particular business economics problem.

Students are able to prepare and present a report on a business economics problem and potential solutions

Students will be able to offer compelling reasons for their choice of research strategy and their inferences leading to conclusions.

ECON 165: Applied Econometrics (3 Credits)

This course focuses on the application of advanced econometric and time series techniques to economic issues. Computer assignments and empirical applications are used to discuss and illustrate the practical aspects of simultaneous equation systems, nonlinear models, qualitative response models, time series model specification, unit root test, and cointegration analysis.

Students will contribute to the intellectual community by giving constructive feedback to others.

ECON 179: Directed Research (1-3 Credits)

ECON 180: Special Topics in Economics (3 Credits)

Exploration of themes and/or topics not offered as part of the regular curriculum. Course content to be determined by the instructor. May be repeated for credit when topics differ.

ECON 180A: Mathematical Modeling in Economics (3 Credits)

Mathematical modeling has become an indispensable tool in economics, finance, business, and public policy. In this course, we use the language of mathematics to describe and understand economic relationships such as those between employers and employees, lenders and borrowers, insurers and insured, etc. Topics to be covered in the course include multivariate constrained optimization and equilibrium conditions with applications to models of dynamic growth, principal-agent relationships, insurance, bargaining, and contracting.

This course provides students the tools needed to apply decision analysis to financial and other management problems. These tools allow one to choose the best course of action when presented with data on financial outcomes and probabilities. The tools and techniques learned in this class will help one to analyze real-world problems through the use of a broad range of financial planning tools and other models that foster sound decision-making.

Students will develop research strategies to discover the causes and potential solutions to these economic problems.

Students will deepen their understanding of the role of assumptions about human behavior, equilibrium mechanisms, and dynamics in predicting economic outcomes.

Students will identify economic problems.

Students will construct, critique and revise economic models. (Practiced, Mastered)

Students will critique and revise their economic models.

Students will work through economic models of incentives, imperfect information, risk, insurance, and bounded rationality using standard optimization techniques and newer techniques such as iterative dominance, backward induction, and option value.

Students will apply economic theory, economic modeling, and statistics. (Practiced)

Students will use these models to predict economic behavior.

Students will construct economic models and test those models.

Students will communicate their research results. (Practiced)

Students will contribute to the intellectual community by giving constructive feedback to others.

ECON 187: Internship in Business Economics (3 Credits)

Required internship for business economics majors.

Pass/No Pass Only

ECON 190: Senior Seminar in Business Economics (4 Credits)

This senior seminar will require students to formulate, conduct, and write a semester-length project using analytical or quantitative methods to evaluate an applied problem in the economy.

This course focuses on the application of advanced econometric and time series techniques to economic issues. Computer assignments and empirical applications are used to discuss and illustrate the practical aspects of simultaneous equation systems, nonlinear models, qualitative response models, time series model specification, unit root test, and cointegration analysis.

Students will contribute to the intellectual community by giving constructive feedback to others.

ECON 280A: Mathematical Modeling in Economics (3 Credits)

Mathematical modeling has become an indispensable tool in economics, finance, business, and public policy. In this course, we use the language of mathematics to describe and understand economic relationships such as those between employers and employees, lenders and borrowers, insurers and insured, etc. Topics to be covered in the course include multivariate constrained optimization and equilibrium conditions with applications to models of dynamic growth, principal-agent relationships, insurance, bargaining, and contracting.

This course provides students the tools needed to apply decision analysis to financial and other management problems. These tools allow one to choose the best course of action when presented with data on financial outcomes and probabilities. The tools and techniques learned in this class will help one to analyze real-world problems through the use of a broad range of financial planning tools and other models that foster sound decision-making.

Students will develop research strategies to discover the causes and potential solutions to these economic problems.

Students will deepen their understanding of the role of assumptions about human behavior, equilibrium mechanisms, and dynamics in predicting economic outcomes.

Students will identify economic problems.

Students will construct, critique and revise economic models. (Practiced, Mastered)

Students will critique and revise their economic models.

Students will work through economic models of incentives, imperfect information, risk, insurance, and bounded rationality using standard optimization techniques and newer techniques such as iterative dominance, backward induction, and option value.

Students will apply economic theory, economic modeling, and statistics. (Practiced)

Students will use these models to predict economic behavior.

Students will construct economic models and test those models.

Students will communicate their research results. (Practiced)

Students will contribute to the intellectual community by giving constructive feedback to others.